Bitcoin on Ethereum Falls by $120 Million in Just Two Weeks

In brief

  • The amount of Bitcoin locked up on Ethereum soared from nearly zero to $2 billion from June to October.
  • Now, that number is beginning to drop.
  • Bitcoin’s rising price could have something to do with it, as well as DeFi incentives drying up.

The amount of Bitcoin locked up in Ethereum is on the decline, as traders withdraw their Bitcoin from Ethereum’s DeFi smart contracts and sell it on the open market.

In the past 12 days, the amount of Bitcoin on Ethereum has declined from…

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